Since crypto has established awareness and subsequently got popularity, cybercriminals have jumped at the opportunity to fool people out of their money.
‘Rug pulls’ are one of the most common ways they prefer. Crypto developers use rug pulls to earn by advertising new projects and then to pass from sight with millions of dollars. This is a scam, and it can be very commercial.
Chainalysis reports that scams of a similar type caused victims to lose $2.8 billion last year, or 37% of all cryptocurrency scam revenue. Chainalysis analyzed that rug pulls only made 1% of cryptocurrency scam revenue in 2020.
Crypto that was stimulated by Netflix hit show Squid Game dramatically dropped from $2,586 to a penny in November last year.
There was a commitment that an elimination mechanism had been added to the code, making the SQUID token impenetrable to a sudden downfall in value. Suppose people who carry tokens could only source them out if they also had the MARBLE token. Then also the anonymous founders made off with about $3.3 million.
While pre-sales provide an excellent opportunity for investors to get in early on a potentially lucrative coin, they’re also a profitable hope for scammers.
Immigrant Parody Coin (PARO) is currently in its presale phase and is already generating gossip due to its exciting vision that gives investors 4 passive income streams through minting, trading, and selling parodies of popular NFTs. Here we get more to know about Parody Coin (PARO).
What is a Parody Coin (PARO)?
Crafted to handle the excessive prices of some of the NFTs on the market, Parody Coin (PARO) offers minting, trading, and access to the utility of parodies of popular NFTs. Investors gain 4 different passive income streams, which conclude the minting and selling of parodies of NFTs on an open market, tying up on the BNB Chain through the reflection system, and earning from a large-scale number of ‘ProRewards.’
In addition to this, Parody Coin (PARO) is building its own metaverse, dubbed the Paroverse, which will provide users access to a variety of different dApps.